Asean

Singaporean commodities company Trafigura has returned to the loan market for its annual borrowing, seeking a $1bn-equivalent to test the market’s appetite for the deal.

Concerns around some Indonesian and Chinese credits, including Delta Merlin Dunia Textile and China Minsheng Investment Group, have put a dent in investor sentiment in Asia with bonds underperforming in the secondary market.

Thailand’s Jasmine Broadband Internet Infrastructure Fund is planning to raise up to Bt38bn ($1.2bn) through a rights issue.

Indonesian power company Perusahaan Listrik Negara (PLN) has launched a $1bn five year deal into syndication, with bank meetings set to kick off at the end of the month.

A subsidiary of Indonesian textile company Duniatex missed an interest payment on a $260m syndicated loan last week, causing the bond price of its sister company to collapse and bankers to wonder about the wider health of the sector. Pan Yue reports.

Singapore-listed real estate company CapitaLand Commercial Trust has raised S$220m ($162m) from a private placement to fund an acquisition in Germany.

Ilfryn Carstairs, global chief investment officer at alternative investor Värde Partners, will become co-CEO from next year, while keeping his co-CIO title.

Prime US real estate investment trust has bagged S$829.7m ($611.6m) from its Singapore IPO, becoming the third pure US property Reit to list in the city-state this year.

A wave of issuers — mostly Chinese — including China Mengniu Dairy Co and local government financing vehicle Guangzhou Development District Financial Holdings flooded the bond market on Thursday, riding the positive sentiment after the US Federal Reserve chairman Jerome Powell signalled a rate cut later this month.

Malaysian sovereign wealth fund Khazanah Nasional has managed to raise $500m from a tightly priced zero coupon exchangeable bond.

Vietnam Prosperity Joint Stock Commercial Bank (VPBank), a private sector lender, raised $300m from its international bond debut this week. The deal was helped by the scarcity of supply from Vietnam, but finding the right price proved a challenge for those on and off the deal.

Indonesian state-owned Perusahaan Listrik Negara (PLN) sold $1.4bn of bonds this week, split equally between 10 year and 30 year tranches, pricing both slightly inside fair value.